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Kline Enterprises Sells 1,009-Unit Affordable Housing Portfolio in New Jersey for $180M
POSTED ON FEBRUARY 23, 2017 BY AMY WORKS IN CONNECTICUT, MULTIFAMILY, NORTHEAST
PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act at third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.